BUSINESS

Americans intend to spend less and avoid debt in their holiday shopping, analysts say

Nov 25, 2019, 12:29 PM
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One financial expert says financial education should begin in the home. (Photo by Joe Raedle/Newsmakers)
(Photo by Joe Raedle/Newsmakers)

There is growing evidence that Americans will spend less money, if not the same, as they spent last year.

This is according to the latest data from Bankrate.

About half of Americans say they will spend about the same as they did in 2018 for the holidays. Almost a quarter of Americans say they will spend less.

Adrian Garcia with Bankrate tells the Dave and Dujanovic Show that Americans will spend an average of $1,048 on holiday spending this year.

He also says that people are planning to spend money they already have instead of piling up holiday debt.

Fifty-six percent of Americans say for all their purchases they will use they money have.

Both Americans bringing in $80,000 a year and those in lower-income households say they favor only spending money they have on hand.

Among those who say they are spending less this year, nearly half simply want to spend less. Twenty-two percent said they want to save money this year.

Financial experts say shoppers can stay out of debt by planning ahead.

Hear the conversation on holiday shopping below.

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Americans intend to spend less and avoid debt in their holiday shopping, analysts say